Core Viewpoint - The recent financial performance of Bull Group has shown significant declines in both revenue and net profit, raising concerns about the company's future prospects and leading to a substantial drop in its stock price [1][4][6]. Financial Performance - For the first three quarters of 2025, Bull Group reported a revenue decline of 3.22% year-on-year and a net profit decline of 8.72%, with the third quarter seeing a net profit drop of 10.29% [4][6]. - The quarterly revenue figures for 2025 were 3.922 billion, 4.246 billion, and 4.03 billion yuan, reflecting a year-on-year growth of 3.14%, a decline of 7.37%, and a decline of 4.44%, respectively [4][6]. - The net profit for the same quarters was 975 million, 1.085 billion, and 919 million yuan, with year-on-year growth of 4.91%, a decline of 17.16%, and a decline of 10.29% [4][6]. Market Position and Competition - The core business of Bull Group, which includes electrical connections and smart electrical lighting, accounts for over 90% of total revenue, but both segments have experienced significant declines [6][8]. - The electrical connection business generated 3.662 billion yuan, down 5.37% year-on-year, while the smart electrical lighting business generated 4.094 billion yuan, down 2.78% year-on-year, marking the worst performance in five years [6][8]. - Increased competition from internet companies like Xiaomi has further pressured Bull Group's market share and profitability, leading to a decrease in gross margin to 41.7%, down 1.8 percentage points year-on-year [8]. Shareholder Actions - The actual controller of Bull Group, Ruan Xueping, announced a significant share reduction plan involving the sale of up to 36.17 million shares, amounting to over 1.6 billion yuan, which has raised investor concerns about the company's future [9][11]. - This is the second major reduction by Ruan Xueping in two years, following a previous sale of 17.79 million shares for 1.628 billion yuan [9][11]. Strategic Initiatives - In response to declining traditional business, Bull Group is attempting to diversify into the new energy sector, focusing on areas like charging stations and energy storage [14][15]. - However, the contribution of the new energy business remains minimal, with revenue from this segment only 386 million yuan, accounting for 4.73% of total revenue in the first half of 2025 [15].

Core Viewpoint - The company is maintaining stable operations in its main business and is exploring applications of specialty steel wire products in the new energy sector, although large-scale sales have not yet been established [1] Group 1 - The company is focusing on high-quality development of its various businesses while keeping an eye on policy directions [1] - The specific business plans of its associate company Lingban Technology regarding the "Guaguayousheng" project should be referred to its official information, as it operates independently [1]

Core Viewpoint - The A-share market showed mixed performance with declines in sectors such as power equipment and defense, while specific concept sectors like photovoltaic inverters and energy storage faced significant losses. The recent financial results of Aters reflect a downturn in revenue and net profit, raising concerns about future performance despite potential growth in energy storage and photovoltaic markets [1]. Financial Performance - Aters reported a revenue of 31.27 billion yuan for the first three quarters of 2025, a year-on-year decrease of 8.51% [1] - The net profit attributable to the parent company was 989 million yuan, down 49.41% year-on-year [1] - In Q3 2025, Aters achieved a revenue of 10.218 billion yuan, representing a year-on-year decline of 16.38% and a quarter-on-quarter decline of 18.03% [1] - The net profit for Q3 2025 was 258 million yuan, down 63.96% year-on-year and 62.28% quarter-on-quarter [1] Industry Outlook - Longjiang Securities noted that Aters has a strong order backlog in energy storage, with expected shipment growth in 2026 likely to meet or exceed industry levels, benefiting from the surge in data center storage needs [1] - In the photovoltaic sector, Aters is focusing on high-margin markets, and the resolution of U.S. factory equity issues is expected to alleviate trade barrier concerns, enhancing performance certainty [1] - The ongoing push against internal competition in the domestic market may lead to a revaluation of Aters' photovoltaic business [1]

Core Viewpoint - The A-share market is experiencing a shift in investment sentiment as it approaches the 4000-point mark, with strong sectors like AI computing and consumer electronics undergoing corrections, while new themes such as Hainan Free Trade Zone and lithium battery technology gain traction [1] Group 1: Market Trends - The A-share market is seeing a rotation in investment styles, with previous strong sectors like AI computing and consumer electronics facing corrections, while new themes are emerging [1] - The AI computing sector has experienced significant gains, leading to potential technical adjustments as optimistic expectations from Q3 reports are realized [2] - Investors are advised to clarify their investment strategies, whether they are short-term traders or long-term investors, before making decisions [1][3] Group 2: Company Performance - The 5G communication index's top 20 constituent stocks reported a total revenue of 1.37 trillion yuan and a net profit of 82.464 billion yuan for Q3 2025, with 19 companies showing revenue growth and 16 showing net profit growth year-on-year [4] - Notable companies like Xinyi Technology and Zhongji Xuchuang reported net profit growth rates of 284.38% and 95.52% respectively for Q3 [4] - The 5G communication index is expected to see a net profit growth rate of 41.19% in 2025, maintaining over 40% growth in 2026 [5] Group 3: Market Style and Future Expectations - Historical analysis suggests that if the high prosperity of leading sectors continues, the market may maintain its focus on these sectors, while a shift to lower-performing sectors could trigger a reversal [6] - The AI hardware sector is projected to remain a key focus for the market, with expected net profit growth exceeding 30% in segments like communication equipment and semiconductors [6] - Despite concerns about an AI bubble, global investment in AI computing is increasing, with major cloud providers reporting significant capital expenditure growth [7][8] Group 4: Investment Products - The AI-focused ETF has attracted nearly 240 million yuan in the last 10 trading days, indicating strong market interest in core assets within the AI computing sector [11] - The 5G communication ETF has also seen over 500 million yuan in net inflows, reflecting investor confidence in the telecommunications sector [12] - The A500 ETF, which covers a broad range of industries, has raised nearly 1.8 billion yuan, showcasing a preference for diversified investment strategies in a volatile market [11]

Group 1 - The A-share market experienced fluctuations, with the A500 ETF fund seeing a net subscription of 1.377 billion yuan in the last 10 days and 2.398 billion yuan in the last 20 days, indicating strong capital inflow [1] - Key sectors such as banking, pharmaceuticals, and consumer goods showed resilience, with Agricultural Bank's market value reaching a new high of over 3 trillion yuan [1] - The Shanghai Stock Exchange's International Investor Conference emphasized the importance of guiding capital towards advanced technologies and industries, enhancing corporate governance, and promoting long-term investment strategies [1] Group 2 - CITIC Securities maintains a positive outlook on A-shares and Hong Kong stocks, identifying four driving forces: capital inflow, technological innovation, institutional reform, and consumption upgrade [2] - The market is expected to focus on themes such as technological self-reliance, industrial upgrades, and resource security, with opportunities identified in AI, semiconductors, and high-end manufacturing [2]

Core Viewpoint - The 2025 Annual Investment Strategy Conference hosted by CICC is themed "Ride the Momentum, Seek New Opportunities," gathering over 500 executives from listed companies and numerous experts from government, industry, and academia for in-depth discussions on various emerging themes [1]. Group 1: Conference Overview - The conference takes place from November 12 to 14, featuring a total theme day on the first day and ten thematic sub-forums over the following two days [1]. - Key discussion topics include new supply, new technology, new consumption, new finance, new intelligent driving, new medicine, new applications, new materials, and new energy [1]. Group 2: Key Participants - Notable speakers include Wang Shuguang, Vice Chairman and President of CICC [3], Liu Shijun, Chief Advisor of the China Council for International Cooperation on Environment and Development [5], Dr. Teh Kok Peng, Chairman of the East Asian Institute at National University of Singapore [7], Peng Wensheng, Chief Economist and Head of Research at CICC [8], and Miao Yanliang, Executive Head of the Research Department at CICC [9].

Group 1: Overall Market Conditions - The current macro data remains stable, but the macro - economic recovery momentum still needs to be strengthened. It is expected that the monetary policy will remain loose. The market risk preference has significantly increased [6]. Group 2: Treasury Bonds - **Market Performance**: On the previous trading day, most treasury bond futures closed flat. The 30 - year main contract remained flat at 116.300 yuan, the 10 - year main contract fell 0.01% to 108.475 yuan, the 5 - year main contract remained flat at 105.935 yuan, and the 2 - year main contract remained flat at 102.462 yuan. The central bank conducted 4038 billion yuan of 7 - day reverse repurchase operations on November 11, with a net investment of 2863 billion yuan [5]. - **Investment Outlook**: It is expected that treasury bond futures will have no trend - based market and investors should remain cautious [7]. Group 3: Stock Index Futures - **Market Performance**: On the previous trading day, stock index futures showed mixed results. The CSI 300 stock index futures (IF) main contract fell 0.84%, the SSE 50 stock index futures (IH) main contract fell 0.58%, the CSI 500 stock index futures (IC) main contract fell 0.79%, and the CSI 1000 stock index futures (IM) main contract fell 0.30% [9]. - **Investment Outlook**: The risk of a significant decline in the stock index is not high, and investors can choose the right time to go long [10]. Group 4: Precious Metals - **Market Performance**: On the previous trading day, the gold main contract closed at 948.88, up 1.38%, and the night - session closed at 944.18; the silver main contract closed at 11,880, up 1.37%, and the night - session closed at 11921 [11]. - **Investment Outlook**: The current global trade and financial environment is complex. The "anti - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. However, the recent increase in precious metals has been large, and the pricing is relatively full. After taking profits on long positions, investors can wait and see [12]. Group 5: Steel Products (Rebar and Hot - Rolled Coil) - **Market Performance**: On the previous trading day, rebar and hot - rolled coil futures oscillated weakly. The spot price of Tangshan common carbon billet was 2940 yuan/ton, the spot price of Shanghai rebar was between 3060 - 3200 yuan/ton, and the Shanghai hot - roll was quoted between 3260 - 3280 yuan/ton [14]. - **Investment Outlook**: In the medium term, the price of rebar is likely to remain weak. The fundamentals of hot - rolled coils are similar to rebar. Investors can focus on short - selling opportunities at high levels during rebounds and pay attention to position management [14]. Group 6: Iron Ore - **Market Performance**: On the previous trading day, iron ore futures oscillated and consolidated. The port spot price of PB powder was 773 yuan/ton, and the spot price of Super Special powder was 673 yuan/ton [16]. - **Investment Outlook**: The supply - demand pattern of the iron ore market has weakened. Technically, it may continue to be weak in the short term. Investors can focus on short - selling opportunities at high levels and pay attention to position management [16]. Group 7: Coking Coal and Coke - **Market Performance**: On the previous trading day, coking coal and coke futures corrected significantly [18]. - **Investment Outlook**: Investors can focus on buying opportunities during corrections and pay attention to position management [18]. Group 8: Ferroalloys - **Market Performance**: On the previous trading day, the manganese - silicon main contract fell 0.41% to 5764 yuan/ton; the silicon - iron main contract fell 1.05% to 5488 yuan/ton [20]. - **Investment Outlook**: In the short term, the supply of ferroalloys may continue to be in excess. After a decline, investors can consider long - position opportunities when the spot falls into the loss - making range again [20]. Group 9: Crude Oil - **Market Performance**: On the previous trading day, INE crude oil oscillated slightly and closed below the 5 - day moving average [22]. - **Investment Outlook**: The Baker Hughes rig count has increased three times in a row, but the increase in US crude oil production is still a long - way off. Russia's oil production is below the quota, which is beneficial to the crude oil price. OPEC will suspend production increases next year, which supports the oil price. Investors can focus on long - position opportunities in the crude oil main contract [23]. Group 10: Fuel Oil - **Market Performance**: On the previous trading day, fuel oil oscillated downward with a weak trend [25]. - **Investment Outlook**: The market expects sufficient fuel oil supply, which is negative for the price. However, the sanctions on Russia and the reduction of Sino - US trade frictions are positive. Investors should temporarily wait and see [26]. Group 11: Polyolefins - **Market Performance**: On the previous trading day, the Hangzhou PP market reported a weak decline, and the Yuyao LLDPE price was slightly adjusted [28]. - **Investment Outlook**: It is expected that after the e - commerce activities end, the lack of new orders may affect the continuous improvement of subsequent production. Investors can focus on long - position opportunities [28]. Group 12: Synthetic Rubber - **Market Performance**: On the previous trading day, the synthetic rubber main contract rose 0.39%, and the price in Shandong remained stable at 11000 yuan/ton [30]. - **Investment Outlook**: It is expected that the price of butadiene rubber will fluctuate widely in the next cycle, with limited downward space. The market should focus on the raw material market and supply - side changes [30]. Group 13: Natural Rubber - **Market Performance**: On the previous trading day, the natural rubber main contract rose 0.33%, and the 20 - grade rubber main contract rose 0.37%. The Shanghai spot price remained stable at around 14850 yuan/ton [32]. - **Investment Outlook**: The market should focus on the weather conditions in the producing areas and demand expectations. Investors can focus on long - position opportunities [32]. Group 14: PVC - **Market Performance**: On the previous trading day, the PVC main contract fell 0.74%, and the spot price was adjusted down by 10 yuan/ton [34]. - **Investment Outlook**: The current oversupply situation of PVC continues, but the space for further significant decline may be limited. The market should focus on changes in the supply side [34]. Group 15: Urea - **Market Performance**: On the previous trading day, the urea main contract fell 1.26%, and the price in Shandong Linyi was adjusted down to 1570 yuan/ton [36]. - **Investment Outlook**: It is expected that the urea market will decline slightly in the next period, but the downward space is limited [36]. Group 16: p - Xylene (PX) - **Market Performance**: On the previous trading day, the PX main contract fell 0.62%. The PXN spread was adjusted to 240 US dollars/ton, and the short - flow profit remained stable [38]. - **Investment Outlook**: In the short term, the PX supply - demand structure has improved, and it may oscillate and adjust with support below. Investors can participate in the range, pay attention to controlling positions, be vigilant about crude oil changes, and focus on macro - policy changes [39]. Group 17: PTA - **Market Performance**: On the previous trading day, the PTA2601 main contract fell 0.51%. The PTA load was adjusted to 76.4%, and the polyester load was at 91.5% [40]. - **Investment Outlook**: In the short term, PTA may oscillate. Investors should view it cautiously, control risks, and pay attention to oil price changes [40]. Group 18: Ethylene Glycol - **Market Performance**: On the previous trading day, the ethylene glycol main contract fell 1.55%. The overall ethylene glycol operating load was 72.44%, and the inventory in the East China main port increased [41]. - **Investment Outlook**: In the short term, ethylene glycol may be under pressure. The market should focus on port inventory and supply changes [42]. Group 19: Short - Fiber - **Market Performance**: On the previous trading day, the short - fiber 2512 main contract fell 0.87%. The short - fiber device load rose to 97.5% [43]. - **Investment Outlook**: In the short term, short - fiber may oscillate with the cost. Investors should control risks and pay attention to cost changes and macro - policy adjustments [43]. Group 20: Bottle Chips - **Market Performance**: On the previous trading day, the bottle chips 2601 main contract fell 0.63%. The bottle chips processing fee was adjusted to 420 yuan/ton [44]. - **Investment Outlook**: Recently, the raw material price has support, the bottle chips load remains stable, and the export growth has slowed down. It is expected that the market will oscillate with the cost side [44]. Group 21: Lithium Carbonate - **Market Performance**: On the previous trading day, the main contract rose 1.38% to 86540 yuan/ton [45]. - **Investment Outlook**: In the context of strong supply and demand, the social inventory of lithium carbonate is gradually decreasing. The market should focus on the sustainability of consumption [45]. Group 22: Copper - **Market Performance**: On the previous trading day, the Shanghai copper main contract closed at 86770 yuan/ton, up 0.08% [46]. - **Investment Outlook**: The global copper mine supply remains tight, but the current copper price is at a historical high. There is a risk of a phased correction. The market expects the price to oscillate at a high level [46]. Group 23: Aluminum - **Market Performance**: On the previous trading day, the Shanghai aluminum main contract closed at 21740 yuan/ton, up 0.23%; the alumina main contract closed at 2826 yuan/ton, unchanged [48]. - **Investment Outlook**: The aluminum market has a relatively good fundamental situation, but there is a risk of a phased correction. The price is expected to run at a high level [48]. Group 24: Zinc - **Market Performance**: On the previous trading day, the Shanghai zinc main contract closed at 22655 yuan/ton, down 0.29% [51]. - **Investment Outlook**: There is no strong macro - driving factor, and the fundamentals lack the power to drive a unilateral zinc price trend. It is expected to oscillate within a range, and investors can buy low and sell high [51]. Group 25: Lead - **Market Performance**: On the previous trading day, the Shanghai lead main contract closed at 17520 yuan/ton, up 0.17% [53]. - **Investment Outlook**: The domestic lead ingot inventory may increase, which will suppress the upward movement of the lead price. At the same time, there is cost support below. The lead price is expected to oscillate and adjust [53]. Group 26: Tin - **Market Performance**: On the previous trading day, the main contract rose 1.14% to 290700 yuan/ton [54]. - **Investment Outlook**: The supply is generally tight, and the demand shows certain resilience. The refined tin inventory is decreasing. It is expected that the tin price will oscillate strongly [54]. Group 27: Nickel - **Market Performance**: On the previous trading day, the main contract fell 0.25% to 119150 yuan/ton [55]. - **Investment Outlook**: The first - grade nickel market is in an oversupply situation. It is expected that the nickel price will oscillate [55]. Group 28: Soybean Oil and Soybean Meal - **Market Performance**: On the previous trading day, the soybean meal main contract rose 0.10% to 3054 yuan/ton, and the soybean oil main contract rose 0.34% to 8238 yuan/ton [56]. - **Investment Outlook**: The soybean supply is relatively loose, and there is cost support at a low level. For soybean meal, investors can consider leaving long positions when it continues to rise; for soybean oil, they can consider long - position opportunities in the low - cost support range [57]. Group 29: Palm Oil - **Market Performance**: Malaysian palm oil rose for the second consecutive day, supported by the strength of Chicago soybean oil, but was pressured by weather concerns and weak November export data [58]. - **Investment Outlook**: Investors can consider buying on corrections [60]. Group 30: Rapeseed Meal and Rapeseed Oil - **Market Performance**: Canadian rapeseed was closed. In China, the inventory of rapeseed, rapeseed meal, and rapeseed oil is at different levels compared to the same period in the past seven years [61]. - **Investment Outlook**: Investors can consider buying near - term contracts and selling far - term contracts for rapeseed meal [62]. Group 31: Cotton - **Market Performance**: On the previous trading day, domestic Zhengzhou cotton fell slightly, and overnight, foreign cotton fell 0.4% due to seasonal harvesting pressure [63]. - **Investment Outlook**: In the short term, the international cotton price is restricted by seasonal acquisition pressure and lacks upward drivers. Domestically, the supply pressure is high. It is expected that the cotton price will be weak [64]. Group 32: Sugar - **Market Performance**: On the previous trading day, Zhengzhou sugar rebounded oscillatingly, and overnight, foreign raw sugar oscillated at a low level [66]. - **Investment Outlook**: Abroad, Brazil is in a seasonal production - reduction cycle, but India has strong production - increase expectations. Domestically, there will be pressure from both domestic and imported sugar in the future. The sugar price is expected to oscillate [69]. Group 33: Apples - **Market Performance**: On the previous trading day, domestic apple futures rebounded slightly. The opening price this year is higher than last year, and the inventory is lower than last year [71]. - **Investment Outlook**: The price is expected to run strongly [73]. Group 34: Hogs - **Market Performance**: Yesterday, the national average price of hogs was 11.87 yuan/kg, down 0.06 yuan. The main contract fell 1.80% to 11755 yuan/ton [74]. - **Investment Outlook**: In the second half of the month, the supply pressure may gradually materialize. The market should follow the marginal changes in the consumption side [75]. Group 35: Eggs - **Market Performance**: On the previous trading day, the average price of eggs in the main producing areas was 2.97 yuan/jin, down 0.03 yuan, and in the main selling areas was 3.26 yuan/jin, down 0.02 yuan. The main contract fell 0.94% to 3152 yuan/500kg [76]. - **Investment Outlook**: In November, the egg supply may remain at a high level, but the supply side may improve marginally. After a short - term boost in consumption, it may return to a weak expectation. Investors can consider adding short positions on rebounds [77]. Group 36: Corn and Corn Starch - **Market Performance**: On the previous trading day, the corn main contract rose 0.93% to 2177 yuan/ton, and the corn starch main contract rose 0.93% to 2490 yuan/ton [78]. - **Investment Outlook**: The new - season corn in the northern main producing areas has a good harvest, and there is pressure on the corn price. Corn starch may follow the corn market. It is advisable to wait and see [79].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The current futures market shows high - level volatility, with continuous inventory reduction and good support from the consumer side. However, after the price increase, spot trading has weakened, and the downstream's acceptance of high prices is relatively limited. The resumption of production at the mine end is in progress, and it is expected to gradually resume production. Attention should be paid to the inflection points of consumption and inventory. If consumption weakens and the mine resumes production, the inventory may change from destocking to stockpiling, and the futures market may decline [5]. 3. Summary by Directory Market Analysis - On November 11, 2025, the main contract 2601 of lithium carbonate opened at 87,700 yuan/ton and closed at 86,540 yuan/ton, with a 1.38% change from the previous day's settlement price. The trading volume was 902,490 lots, and the open interest was 526,493 lots, a decrease from the previous trading day. The current basis is - 4,800 yuan/ton, and the number of lithium carbonate warehouse receipts was 2,8099 lots, a change of 608 lots from the previous day [2]. - According to SMM data, the price of battery - grade lithium carbonate is 80,600 - 84,000 yuan/ton, with a change of 1,550 yuan/ton from the previous trading day. The price of industrial - grade lithium carbonate is 79,600 - 80,600 yuan/ton, also with a change of 1,550 yuan/ton. The price of 6% lithium concentrate is 1,013 US dollars/ton, a change of 18 US dollars/ton from the previous day. The downstream material factories are cautiously waiting and only making rigid - demand purchases, and the market transactions are mainly based on post - pricing. The overall operating rate of lithium salt plants remains high, and it is expected that the domestic lithium carbonate production in November will be roughly the same as that in October. The power market and the energy storage market are both growing [3]. - Ganfeng Lithium announced that the PPGS lithium salt lake project in Argentina has obtained the "Environmental Impact Assessment Report", and it plans to submit an application to the Argentine government in the first half of 2026. The project has about 15.07 million tons of LCE proven + controlled resources and uses direct lithium extraction technology and solar evaporation pond technology [4]. Strategy - Unilateral: In the short term, it is advisable to wait and see. Pay attention to the inflection points of inventory and consumption and the resumption of production at the mine end, and choose the opportunity to sell hedging at high prices. - There are no suggestions for inter - period, cross - variety, spot - futures, and options trading [5].

2025年11月12日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：高库存累增与印尼风险博弈，低位震荡 | 2 | | --- | --- | | 不锈钢：向上缺乏驱动，下方难言广阔 | 2 | | 碳酸锂：内蒙补贴退坡，10月储能装机下滑，澳矿产量增加 | 4 | | 工业硅：关注底部支撑 | 6 | | 多晶硅：进入政策真空期，盘面交易供需逻辑 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 11 月 12 日 镍：高库存累增与印尼风险博弈，低位震荡 不锈钢：向上缺乏驱动，下方难言广阔 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 119,380 | -300 | -320 ...

Core Insights - The report indicates a significant increase in the electric equipment and new energy sectors, with an overall rise of 4.98% this week, driven by strong performances in the photovoltaic and nuclear power sectors [1][3]. Industry Summary - **New Energy Vehicles**: The fourth quarter is expected to be a peak sales season, with a projected 30% year-on-year increase in wholesale sales for the first ten months of 2023, totaling 12.054 million units [2][4]. - **Power Battery**: The price of lithium hexafluorophosphate continues to rise, potentially exceeding 150,000 yuan, which may lead to improved profitability for related companies [2][4]. - **Photovoltaics**: The investment strategy focuses on avoiding excessive competition, with future component prices dependent on installation demand and return rates of photovoltaic power stations [2][4]. - **Wind Power**: Continuous growth in wind power demand is anticipated, with recommendations to focus on wind turbines and offshore wind projects [2][4]. - **Energy Storage**: The energy storage sector remains in a high-demand phase, with significant year-on-year increases in system bidding scale [4]. - **Hydrogen Energy**: The integration of electric energy substitution is expected to enhance green hydrogen demand, with a focus on the development of green fuels [2][4]. - **Nuclear Fusion**: The report highlights nuclear fusion as a long-term energy development direction, with recommendations to monitor core suppliers in this field [2]. Company Highlights - **Tianqi Materials**: Signed procurement contracts with Guoxuan High-Tech and Zhongxin Innovation for a total of 159,500 tons of electrolyte supply from 2026 to 2028 [5]. - **Shangtai Technology**: Received approval for a convertible bond issuance from the Shenzhen Stock Exchange [5]. - **Trina Solar**: The controlling shareholder has completed a reduction of 0.57% of the company's total share capital [5].